On average, 10,000 of these events will happen per day in the United States through the year 2030. What are they?

According to the Insured Retirement Institute, 10,000 baby boomers (those born between 1946 and 1964) are expected to retire, on average, each day in the United States through 2030. This is excellent news for those getting ready to enter the next chapter of their lives and an opportunity for younger workers to step into new roles. Yet, what will be the impact of that lost knowledge and expertise on your organization?

Based on research conducted by the authors of Critical Knowledge Transfer, one company reported that in the next anticipated wave of nearly 700 retirements, they would experience a loss of 27,000 years of experience. If that’s not enough to have you sit up and take notice, I’m not sure what will. That said, not every vacated position is created equal. Some will certainly be easier to fill than others. Perhaps the appropriate level of expertise and skill is readily available on the job market or you have done the work to ensure that someone within your organization is ready to take on the role. Unfortunately, this is the exception rather than the rule.

Taking a Proactive Stanch – 4 Key Tips

Knowing the average age of your employee population is not enough. That still keeps the potential problem at hand difficult to define. Take a closer look at the specific roles held by long-term employees and seasoned managers who are within a few years of retirement age. Which positions require critical skills and experience that are not easy to find on the open market? Long term employees across and at all levels of the organization often hold critical, hands-on experience of how to get things done through their comprehensive knowledge of processes, company historical information, clients and customers. Without a proactive approach, your organization runs the risk of realizing, too late, that you have a critical skill shortage that is adversely impacting your business performance.

Consider implementing a mentoring program that effectively engages both older and younger workers in accelerating development and bridging the knowledge gap. Providing training for both mentors and mentees can help to ensure that a mutually beneficial mentoring relationship is created and both parties find the experience a valuable one.

Utilize knowledge capture methods to gather critical expertise and make it available across a wide range of people. There are many ways to store and manage institutional knowledge including online forums, podcasts, webinars, and videos, to name a few.

Pay attention to employee engagement. Younger members of the workforce have an average job stay of roughly four years. Ensure the right managers are in place who truly care about their employees’ success. Robin Reilly, a Senior Consultant at Gallup has written that such managers “seek to understand each person’s strengths and provide employees with every opportunity to use their strengths in their role. Great managers empower their employees, recognize and value their contributions, and actively seek their ideas and opinions.” Increasing employee engagement will assist in keeping younger workers from jumping ship.

The time has come to proactively address the seismic shift that has already begun in terms of talent shortages in the workplace. These are just a few of the tips that can help you to mitigate your risk. Don’t wait another day to identify where your organization is most vulnerable and take the steps now to ensure a smoother transition.

About the Author: Sherry Dutra is a Talent Development and Career Coach and Facilitator who believes we each have far more potential than we typically tap in to. She helps you learn how to step into your full potential so you can create consistent, optimal performance for yourself and your team with less stress and more enjoyment. If you would like to uncover and address hidden challenges that may be sabotaging your success, leverage your strengths, and accelerate your progress toward the results you desire, contact Sherry for a complimentary consultation.

Are you a new manager or know someone who is? The transition to a first time management role can be exhilarating and terrifying at the same time. Soon, you often realize that the strengths and skills that made you successful in your previous role are not what will spell success as a manager. To help you navigate this transition, here are five key tips to keep in mind.

Keep learning and growing: The functional and/or technical skills that allowed you to excel at an individual level are still important. Yet, they are not sufficient to lead a team successfully. Take advantage of leadership courses, tools and resources that your company or local continuing education program provides. Then, look for opportunities every day to apply those skills as you lead your team. The more you practice, the more you will seamlessly integrate the new skills.

Inspire and empower: Get to know the people on your team. Learn what they are passionate about. Paint a vivid and compelling vision of the future and ask for input and feedback. Align individual skills, strengths and passion with the vision and objectives for the team as a whole. Create a clear line-of-sight between each person’s contribution and the overarching desired result.

Set clear expectations: It really is true – you do get what you expect. Establish yourself as a positive role model who exemplifies the behavior you would like to see in others. Expect that others will work well both individually and within the team and deliver high performance. Don’t assume that team members will intuitively know what you want them to do. Establish clear expectations, provide support and hold people accountable for results. You’ll be amazed at how motivating it can be to your team to know that someone believes in them.

Develop your people: Change can be challenging and sometimes we hold onto the work that we most enjoyed because it feels comfortable. It’s time to take the leap and delegate key responsibilities to your team members. This frees you up to focus more of your time on your new role and develops the skills of your team. Make sure that you provide a level of decision-making authority and support that is appropriate to the skill level of the team member and the complexity of the task. When in doubt, err on the side of less authority and more support. You can always give more authority over time but you never want to have to take it back.

Establish credibility as a manager: If you’ve been promoted within your current organization, you may now be supervising former peers. This can lead to an uncomfortable situation for both you and your colleagues unless you address the shift directly and quickly. Give up on the idea of being liked by everyone and staying best buddies with your former peers. It’s hard to be viewed as being fair and objective if you are continuing to socialize after work and have lunch every day with your close friend who now works for you. While it’s not an easy conversation to have, it is an important one. You might start off with something like, “Our friendship is important to me. As a manager now, I must ensure that the team feels that I’m being fair and unbiased. In order to do that our work relationship needs to be different.” You and your former peer will be glad you discussed your new dynamic.

About the Author: Sherry Dutra is a Talent Management and Career Coach and Facilitator who helps you create consistent, optimal performance using all your capacity and potential in both your work and life. If you would like to uncover and address hidden challenges that may be sabotaging your success, leverage your strengths, and accelerate your progress toward the results you desire, contact Sherry for a complimentary consultation.